BOP insurance, or a business owner’s policy, is a type of inclusive business insurance that’s designed to help make buying coverage easier. It wraps many types of coverage you need into one plan. This can often save a small business money. BOP insurance for plumbers needs to be designed to meet their specific needs, though. If you are considering this type of policy, take a few minutes to review it to ensure it’s an accurate reflection of what your company really needs.

BOP generally provides basic coverage for a business, and it is a good starting point for plumbers. It is likely to include:

Property insurance that protects the building you own or operate out of; it also provides financial protection for your fixed assets.

Commercial auto insurance that protects your van and any of the contents within it as long as you operate the vehicle as a part of your business.

General liability insurance to help with claims of negligence made against your company from customers or other non-employees.

Workers compensation may be included in this plan to help protect against losses related to employees being hurt or becoming ill on the job.

Is that enough coverage for your company? It is also important to take a closer look at the other risks you face. As a plumber, you provide a professional service. If you make a mistake on the job, you could face significant lawsuits. A higher level of liability insurance may be necessary through a commercial umbrella insurance plan. Another consideration is your equipment. If you have high end equipment, be sure you have enough property insurance to cover those costs. Plumbers may also benefit from business interruption insurance, surety bonds and employee risk coverage.

Customizing your BOP insurance is one of the best ways to save money while still getting the coverage level you need. You’ll find it is fairly easy and not necessarily expensive to make these types of changes. As you focus on protecting your business, don’t overlook the importance of a well-designed, custom BOP insurance plan that fits your needs perfectly. Business insurance like this can help you to not only keep your business running well, but to also help you thrive.

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